During the Great Depression in the 1930s unemployment was so bad that nearly ________ of the labor force was unemployed.
A. 1/5
B. 1/4
C. 1/3
D. 1/2
Answer: B
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A monopoly is a sole ____, and a monopsonist is a sole ____
a. buyer in a product market; seller in a product market b. seller in a product market; seller in a labor market c. buyer in a product market; seller in a labor market d. seller in a product market; buyer in a labor market e. seller in a labor market; buyer in a product market
Which controversy developed over a disagreement about how managers make profit maximizing production decisions?
a. Lester-Satlow b. Lester-Machlup c. Friedman-Lester d. Friedman-Phelps e. Kalecki-Gottheil
Import tariffs increase total surplus, whereas import quotas decrease total surplus
a. True b. False Indicate whether the statement is true or false
What is the reason that stabilization policies do NOT have an immediate effect on an economy?
A. Consumers are slow to catch up on spending. B. There is a time lag for policies to take effect. C. Imports come into the country too fast. D. Exports often are not shipped fast enough.